ASPO-USA

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Energy Briefs

OPEC softened its policy to withhold oil from the market last week, saying it would supply more if necessary. President al-Hamli reiterated: ”Oil supply is adequate. The market is well-supplied.” But he added: ”We are ready to supply more if the market needs more.”

Kuwait may abandon plans to build a new oil refinery if a second round of bidding fails to cut high costs. The state has earmarked $6.3bn for the refinery, but international companies have estimated the cost in their bids at $15bn.

Saudi Aramco said a shortage of refining capacity to process so-called heavy-sour crudes will persist because of rising construction costs.